As a follow-up to my last article on key filing deadlines for estates, this article discusses tax penalties and interest. For executors, missing a tax deadline can come with serious tax implications, notably the application of a penalty and interest. Late Filing Penalty Under the Income Tax Act, there are…
Proposed regulation subsection 204.2(1) of the Income Tax Act (ITA) introduces a requirement for all trusts, that are required to file a return of income, to provide additional information[1] for each person who, in the year, is a trustee (or protector[2]), beneficiary or settlor[3]. This additional information includes: name, address,…
Do digital assets e.g. cryptocurrencies (such as bitcoin, ethereum) non-fungible tokens, qualify as investments in deferred tax vehicles such as Registered Retirement Savings Plans (RRSP’s), Tax Free Savings Accounts (TFSA’s), Registered Education Savings Plans (RESP’s) and Registered Disability Savings Plan (“RDSP’s). The simple answer is no and maybe. This issue…
Further to my last post, the Canada Revenue Agency (“CRA”) does have the discretion to waive tax penalties on excess (or deemed to be excess) contributions to Tax Free Savings Accounts (“TFSA’s) and Registered Retirement Savings Plans (“RRSP”) if an excess contribution to a TFSA or RRSP resulted from a…